An influential crypto analyst is suggesting that altcoins may experience an upward trend as hopes for the approval of an Ethereum (ETH) exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) diminish this month.

Michaël van de Poppe, a crypto trader with a large following of 717,300 on the social media platform X, believes that altcoins are starting to gain momentum as Bitcoin (BTC) remains around the $61,000 mark.

“Following a crucial bounce at $61,000, altcoins are starting to wake up. This is the final phase of accumulation before a significant surge.”

At the time of writing, BTC is valued at $60,933, experiencing a 2% decrease in value for the day.

Van de Poppe focuses specifically on the altcoin Arbitrum (ARB), stating that the ETH layer-2 protocol is nearing the end of its correction.

“ARB has completed its correction and is now in the final stage. In the past few weeks, there has been a significant decline, which is often followed by a recovery in the subsequent weeks. Therefore, we are approaching the end of the correction.”

ARB is currently being traded at $1.01, showing a 2% decrease in value for the day.

The analyst also expresses his belief that the SEC will not approve an ETH ETF until at least July or August of this year.

“There will not be an Ethereum ETF this month. It is likely that there will be a delay or a 60-day extension, during which the big moment for the markets will be in July or August. As for expectations, the markets will reach their lowest point in the next 1-2 weeks and then rebound after the news.”

At the time of writing, ETH is valued at $2,914, experiencing a 5% decrease in value for the week.

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[Featured Image: Shutterstock/Salamahin/Kiselev Andrey Valerevich]